Ethiopia Signs Grant Agreements with African Development Bank

July 22,2021 (ENA) Ethiopia signed two grant agreements with a total sum amount of 118.1 million USD with the African Development Bank (African Development Fund).

Minister of Finance Ahmed Shide and ADB’s Deputy Director-General, East Africa Region Abdu B. Kamara signed the agreements in support of two projects submitted by the Government of Ethiopia.

According to Ministry of Finance, the first project which is known as the Ethio-Djibouti Second Power Interconnection Project received grant funds amounting 71.3 million USD through this financing agreement.

This project focuses on the construction of a transmission line from Semera to Djibouti and between Kombolcha to Semera including the construction of substations in Semera, Mile, and Kombolocha.

Similarly, the second project named Integrated Agro-Industrial Parks and Youth Employment Project which has received grant funds of 46.8 million USD will target the development and rehabilitation of irrigation schemes in selected areas in proximity to the integrated agro-industrial parks located in Amhara and Oromia regions.

This project is also being co-financed by the Arab Bank where the funds will be used to implement irrigation schemes in Sidama and Tigray Regions.

Source: Ethiopian News Agency